96M shares were outstanding before the offering which then equates to 26% dilution if converts are fully exercised. Looks like MACK is fully cash funded and won't have to look to raise equity for a LONG TIME as they already had $87M in cash before the offering.
What a joke - after going public at ~$7 per share over a year ago, this is the best they could do. Whoever made the decision to go forward with this offering should be fired. Typically they announce the offering the day before and price it the next morning - instead, they wait a day and watch the shares roll over and get attacked by the shorts - good execution for the existing shareholders.